Thursday, November 10, 2011

Harvard saves world, again

European Central Bank statement --

Today, Lorenzo Bini Smaghi, Member of the Executive Board and Governing Council of the European Central Bank (ECB), informed President Mario Draghi that he will resign from his position prior to the end of his term of office on 31 May 2013 to join Harvard University’s Center for International Affairs on 1 January 2012. 

LBS taking his time about quitting was causing problems between France and Germany, because he's essentially sitting in a board seat that France thinks should belong to France.   Unlike the European Prime Ministers forced out of their jobs by European Union policy power plays, LBS wanted to be sure of his next job before he jumped.

UPDATE: If Lucas Papademos is any guide, Harvard seems to be the holding area for future technocrat Prime Ministers.

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